So hodl BTC and you will be alright
Dollar/Euro hodl-ers be f#cked =)
Topic: Excessive Bitcoin fees - page 2. (Read 1433 times)
Bitcoin fees seem to be roughly same as long ago, at least in terms of btc price.
So hodl BTC and you will be alright
Dollar/Euro hodl-ers be f#cked =)
So hodl BTC and you will be alright
Dollar/Euro hodl-ers be f#cked =)
So then
is the whole point of Bitcoin now trading for local currency on exchange, not p2p transactions?
BTC is p2p electronic cash, whether you send it with a high or low tx fee, as long as you do not use centralized services that act as a third party in the trade, then it is a p2p tx. However, i cannot deny that spending BTC on 'cheap' goods or services is almost impossible when tx fees are high, but if you are making cross-border payments or sending a large amount in BTC, then it is great. Take note that tx fees is not always high and we used to make tx's with ~ 1 sat/vbte before ordinals spam 'attack', and if the network is no longer congested, tx fee can fall to that level. is the whole point of Bitcoin now trading for local currency on exchange, not p2p transactions?
What makes Bitcoin Decentralized? Nodes? Nodes are not currently making decisions about the network. Who is?
The fact that no centralized authority or entity is controlling Bitcoin or its network makes it decentralized. Miners are the ones making decisions about the network by mining new blocks containing transactions, there is no other decision-making other than that.
What are the developers, who are making the decisions about the network(decentralized?) doing to fix this problem? They are adding Inscriptions and Runes to the network which is increasing the size of the block and increasing fees.
Bitcoin developers are not making any decisions about the network nor can they change anything in the existing network or blockchain. They can modify it and create new versions out of it, Bitcoin Cash is an example of that among others.
How well is the network going to work with fees at $15 to $30 US dollars per transaction?
Transaction fees are not always that high, it's just sometimes when the network gets extremely congested which makes transaction fees go higher since everyone wants to have their transactions confirmed first and miners give priority to transactions with higher fees.
Bitcoin has been turned into a centralized TradFi investment for the wealthy. The exact opposite of what it was intended to be. It was intended to be a decentralized, peer-to-peer form of electronic cash.
It was intended to be a decentralized peer-to-peer electronic cash and it is still that, what makes you think it has changed from that other than the fact that it has become extremely popular? It still works the same way it did in the beginning, there will surely be some changes when there are more users in the network.
I thought it's typo because few days ago I check the fees was less than 10 sat/vbyte, now it's surge by thirteen.
The crackdown by Binance to stop accepting ordinals and runes seems not really affect the market, it seems can't be stopped because their community don't mind to trade using swaps.
The crackdown by Binance to stop accepting ordinals and runes seems not really affect the market, it seems can't be stopped because their community don't mind to trade using swaps.
Doesn't even make sense for me to check these days. I'm just swallowing it when it's above 100 sats/byte, my txs are pretty lean anyway so I don't feel the pain. Can definitely understand what it means for most people with no control or even no fee control. Though you'd have thought by now they'd have taken the effort to understand after a year of ordinals.
A year! Can't believe it's been that long. Buoyed by ATH of course.
I'm a bit confused about what you trying to say but Bitcoin will never become centralized because Satoshi made Bitcoin for decentralization.
If the fees are rising it's just temporary there is something going on that is why you see transaction fees rise just like today because the price touched above $50k that is why people right now panic to move their BTC to the exchange before it drops and make a profit.
If the fees are rising it's just temporary there is something going on that is why you see transaction fees rise just like today because the price touched above $50k that is why people right now panic to move their BTC to the exchange before it drops and make a profit.
What makes Bitcoin Decentralized? Nodes? Nodes are not currently making decisions about the network. Who is?
What are the developers, who are making the decisions about the network(decentralized?) doing to fix this problem? They are adding Inscriptions and Runes to the network which is increasing the size of the block and increasing fees.
How well is the network going to work with fees at $15 to $30 US dollars per transaction?
Bitcoin has been turned into a centralized TradFi investment for the wealthy. The exact opposite of what it was intended to be. It was intended to be a decentralized, peer-to-peer form of electronic cash.
Any chance we could get this ship moving in the right direction?
Does anyone care?
Just checked & currently 133 sat/vB so you are looking at over $13 for a medium priority transaction. It has to ordinals spammers. Luckily they don’t seem as rampant at the moment, it comes in bursts which are much rater so in a few hours it should be a lot cheaper to send Bitcoin. Unless it's urgent you should be patient & wait until fees are lower.
Damn!I thought it's typo because few days ago I check the fees was less than 10 sat/vbyte, now it's surge by thirteen.
The crackdown by Binance to stop accepting ordinals and runes seems not really affect the market, it seems can't be stopped because their community don't mind to trade using swaps.
Nevertheless, for me this is just another temporary hiccups to all of us and we should bear with it. This won't last long as we have seen last year and then gradually back to like 6-10 sat/vB (in my view this is bearable to most Bitcoin enthusiast).
High fees are bad for Bitcoin. Mempool is getting spammed by ordinals and normal users are not able to use Bitcoin. So frequent high fees are not temporary anymore, it has become a habit, it's already unstable, one day you wake up and fees are low, another day you wake up and understand that you can't move your coins because fees are out of this world.Yes , perhaps we need to adapt and get used to high fees because this is no longer a temporary problem but is becoming more and more frequent . Think about what would happen to transaction fees if more and more people joined bitcoin and more transactions were made ? Sadly, until now there has been no truly effective solution to overcome the transaction fee problem, we have to really adapt and live with this reality.
This reminds me of people who are dreaming of bitcoin becoming a currency in their country , are they willing to use bitcoin to pay their daily bills and pay an extra $5-$15 per transaction?
Just checked & currently 133 sat/vB so you are looking at over $13 for a medium priority transaction. It has to ordinals spammers. Luckily they don’t seem as rampant at the moment, it comes in bursts which are much rater so in a few hours it should be a lot cheaper to send Bitcoin. Unless it's urgent you should be patient & wait until fees are lower.
Have you tried checking bitcoin's transaction fees today and if I remember correctly the transaction fees are around 40$ per transaction?
No way, transaction fees weren't that high today, during the time I posted, it was around 6-7 dollars but just right now it's up to $20 based on average native segwit transaction of 140 sat/vByte. $40 is also still affordable for some people. If transaction fees $100 or something like that and will stay that way for more than two weeks, I think then there will be a major decision made about Bitcoin's block size or other solutions but I think that people just move on altcoins and don't use Bitcoin for daily transactions.
Nevertheless, for me this is just another temporary hiccups to all of us and we should bear with it. This won't last long as we have seen last year and then gradually back to like 6-10 sat/vB (in my view this is bearable to most Bitcoin enthusiast).
High fees are bad for Bitcoin. Mempool is getting spammed by ordinals and normal users are not able to use Bitcoin. So frequent high fees are not temporary anymore, it has become a habit, it's already unstable, one day you wake up and fees are low, another day you wake up and understand that you can't move your coins because fees are out of this world. 
What will happen when only large institutions can afford to use Bitcoin's blockchain, due to rising fees? Won't this centralize the network if most can only trade bitcoin on centralized exchanges?
Of course, when fees are high, users always look for alternatives that are considered more flexible as you mentioned above in trading Bitcoin through centralized exchanges.
The issue of fee has always been a hot discussion, I myself respond to it usually and this is also I think there is a positive value which on the other hand is also a driver for regulators to pay more serious attention in finding and setting reasonable costs so that the best solution will be born in an effort to improve network scalability and efficiency.
There were point in time when the transaction fees have subside already and so we can say that average joe traders and investors are very happy and everyone is back. But now in the last couple of days, the fees has someone increase again and thanks to Runes and the timing of it's released.
Nevertheless, for me this is just another temporary hiccups to all of us and we should bear with it. This won't last long as we have seen last year and then gradually back to like 6-10 sat/vB (in my view this is bearable to most Bitcoin enthusiast).
Damn, I have this thread on watch and wondered why there are people commenting in it while the fees are low and more than good at the moment (last time I checked the fees was Tuesday, haha).
And then I checked the mempool and saw the bad news.
It's so strange to see this happen all the time, without any clue why it is actually happening. For a while fees are super low and everybody is happy and suddenly bang, congestion.
Hopefully this issue will be fixed some day, don't know how this could be done though.
Nevertheless, for me this is just another temporary hiccups to all of us and we should bear with it. This won't last long as we have seen last year and then gradually back to like 6-10 sat/vB (in my view this is bearable to most Bitcoin enthusiast).
I hope so, the fees are terribly high again. I am optimistic that maybe after a week or two then it will be back again. But this time, those that are okay to pay like $9-$14 worth of fees, do it. But it's worth it when you've got a thousand worth of transaction but if it's less than $100 or even $200, do you think that it's worth of the fee? Well, if you need the money, you can't do anything with that. I'm just here waiting for it to calm down. What will happen when only large institutions can afford to use Bitcoin's blockchain, due to rising fees? Won't this centralize the network if most can only trade bitcoin on centralized exchanges?
I don't think we will have a situation when Bitcoin transaction fees will only be affordable for large institutions and not for individuals. If that becomes the case, then we might demand for fork to increase the block size.Network is centralized at some point because centralized exchanges hold the most reserves and have the highest trading volume and secondly, China and the USA own the most mining hash rate. So, bitcoin is centralized at some point.
There were point in time when the transaction fees have subside already and so we can say that average joe traders and investors are very happy and everyone is back. But now in the last couple of days, the fees has someone increase again and thanks to Runes and the timing of it's released.
Nevertheless, for me this is just another temporary hiccups to all of us and we should bear with it. This won't last long as we have seen last year and then gradually back to like 6-10 sat/vB (in my view this is bearable to most Bitcoin enthusiast).
What will happen when only large institutions can afford to use Bitcoin's blockchain, due to rising fees? Won't this centralize the network if most can only trade bitcoin on centralized exchanges?
This is an important point to talk about.there are a lot of reason why bitcoin fess is high, for instance where there’s a high network congestion , when there’s a lot of user engaging in the bitcoin transaction and exchanges and this can lead to high volume of transactions fees because of excessive activity on this.Another one is excessive demand ,it’s a simple logic the more user engaging in it can cause blockage and when you need a faster way out to get access to a something you have to pay a high fess to get access it to so whatever you have to do with it. Bitcoin Halving can also result to Bitcoin block reward halving, which occurs approximately every four years, reduces the number of new bitcoins generated with each block. This can incentivize miners to prioritize transactions with higher fees to compensate for the reduced block rewards.so there a lot of reason for high bitcoin fees but it’s only discouraging it for peolpe or user with little capital and majorly making it for the company to enjoy it because of the high fees transaction costs.
Op, the trading fees is never specified neither is it stabled. If the self custodian blockchain fee increases, so also the centralized exchange fees also increases.
Right in the first place, you or minor investors should ask yourself a question that Why does bitcoineers have to pay much fees in a self custodian blockchain? This is actually because you're being billed to pay for an assured secured blockchain unlike the centralized exchange where you're not a whole in charge of your assets. On this mindset single handedly, neither you or the other investors who're below large institutions wouldn't prepare to store your assets on the centralized exchange just because of a lower fee.
What happens if your assets is compromised out of greeds of trying to skip high fees? That's just a food for thought!
And at this point of contact, bitcoin can never be succeeded to be centralized.
Right in the first place, you or minor investors should ask yourself a question that Why does bitcoineers have to pay much fees in a self custodian blockchain? This is actually because you're being billed to pay for an assured secured blockchain unlike the centralized exchange where you're not a whole in charge of your assets. On this mindset single handedly, neither you or the other investors who're below large institutions wouldn't prepare to store your assets on the centralized exchange just because of a lower fee.
What happens if your assets is compromised out of greeds of trying to skip high fees? That's just a food for thought!
And at this point of contact, bitcoin can never be succeeded to be centralized.
I'm a bit confused about what you trying to say but Bitcoin will never become centralized because Satoshi made Bitcoin for decentralization.
The Op mean to say if only a large institutions can afford to pay the high fees of a self custodian blockchain, then the minor bitcoin Investors may pull over to have their bitcoin assets stored in a centralized exchange which could encounter to a centralization of bitcoin since most Investors would have their assets there in centralized exchanges. 
What will happen when only large institutions can afford to use Bitcoin's blockchain, due to rising fees? Won't this centralize the network if most can only trade bitcoin on centralized exchanges?
I don't think we will have a situation when Bitcoin transaction fees will only be affordable for large institutions and not for individuals. If that becomes the case, then we might demand for fork to increase the block size.Network is centralized at some point because centralized exchanges hold the most reserves and have the highest trading volume and secondly, China and the USA own the most mining hash rate. So, bitcoin is centralized at some point.
Have you tried checking bitcoin's transaction fees today and if I remember correctly the transaction fees are around 40$ per transaction? In your opinion, is this transaction fee suitable for retail investors? If we don't have any solution to improve transaction fees, in the future bitcoin will no longer be suitable for many people as transaction fees will constantly increase. We are just at a stage where bitcoin's popularity is yet to spread globally, and just think if it adopts globally and the number of transactions increases, what will the transaction fees be like? I think it's entirely possible that we will spend $100-300 per bitcoin transaction in the future.
What will happen when only large institutions can afford to use Bitcoin's blockchain, due to rising fees? Won't this centralize the network if most can only trade bitcoin on centralized exchanges?
I don't think we will have a situation when Bitcoin transaction fees will only be affordable for large institutions and not for individuals. If that becomes the case, then we might demand for fork to increase the block size.Network is centralized at some point because centralized exchanges hold the most reserves and have the highest trading volume and secondly, China and the USA own the most mining hash rate. So, bitcoin is centralized at some point.
Don't allow the fees to stop you not to use your opportunity well to hodl some BTC that will make you great in the future because, the high fees will not remain high forever and you can see that the fees has reduced down to make some people to believe that BTC gas fees will not go higher like ETH.
Even some companies that are using BTC to do other things like paying their workers with BTC know that the fees will not remain higher, which is the reason they are not move with the recent increase of BTC transactions fees.
We have transactions fees in the market, most of them are consider cheap while some are high, though they're originated from these blockchain networks. Like the Ethereum network, evolved high fees for their transactions unlike the SOL that's weigh better than Ethereum network. There's nothing to worry about, once we have target on the blockchain, the fees are affordable. The future is promising for most investors, I'm referring to the patient ones and this have been a long path to cross. Even some companies that are using BTC to do other things like paying their workers with BTC know that the fees will not remain higher, which is the reason they are not move with the recent increase of BTC transactions fees.
What will happen when only large institutions can afford to use Bitcoin's blockchain, due to rising fees? Won't this centralize the network if most can only trade bitcoin on centralized exchanges?
Basically, in most cases we know that trading with Bitcoin is very convenient, and it is possible very fast. However, small traders face many problems due to Bitcoin's sometimes excessive transaction free. Although we are currently successful in doing transactions with very low freebies, there are times when the number of Bitcoin transactions increases significantly. This is mainly due to the pressure of Bitcoin transactions which require high transaction fees, when you deposit your funds on an exchange or transfer from there to anywhere your fees are slightly higher. However, even if it is for a temporary period, the payment system will later become accurate and complete with lower transaction fees. So no need to stress about it if you wait a BTC transaction fees will definitely come down, and currently Bitcoin transaction fees are very low.So then
is the whole point of Bitcoin now trading for local currency on exchange, not p2p transactions?
What will happen when only large institutions can afford to use Bitcoin's blockchain, due to rising fees? Won't this centralize the network if most can only trade bitcoin on centralized exchanges?
I believe the challenge with bitcoin network regarding it transaction fee is not getting longer beyond expectations, moreover this is not the network having the highest fee, there are many other ones which cost more than we have with the bitcoin network, just as we now see that there is ease in the transaction fee that has been a problem on bitcoin users, one can no spend almost less than a dollar in making a bitcoin transaction unlike when it was high, this is not something permanent to remain high or this low, but it can be promising not to go beyond what an average bitcoiner could bear to afford.
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